Get a check for what you can negociate and fix what you like
I've been through this. It is NOT required to total the boat. Much of the cost stems from an irrational American need to fix everything so that it is cosmetically perfect, which is rather silly on an older boat. Who knows, you might rub a dock on the same spot in a few weeks and feel rather silly about the whole thing.
I'm not suggesting duct tape, shoe gue, and house paint. I'm talking about good serviceable repairs and servicable cosmetic work. I believe in good solid work. But do what you would do if it were your money... which it is. And then take the rest and upgrade sails, pay for college, rebuild the engine, or pay for retirment.
I don't see this as fraud in any sense; it was the claims adjuster that determined the value of the loss, and you've been paying premiums.
(when asked how he reached the starting holds on a difficult rock climbing problem that clearly favored taller climbers - he was perhaps 5'5")
"Well, I just climb up to them."
by Joe Brown, English rock climber
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